Marketing and recession in Greece

The economic crisis and the ongoing recession have already changed and will continue to change consumers’ habits, attitude ​​and behavior.

The shrinking income changed spending priorities:

  1. Desire marketing aligned to affordability and «best value for less money» strategy is predominant.
  2. The income reduction affects spending even for basic consumer goods. Spending follows sufficient thinking and cheaper options are constantly being sought.
  3. Consumers:
    • go shopping less often and buy fewer goods,
    • avoid large purchases and limited by the contents of their wallets,
    • watch every single charge and study their bills with great care,
    • chase promos and remain extremely skeptical and cautious of any new proposal.
  4. Consumers’ behavior is driven by budget availability. Shopping therapy belongs to the past even for higher economic levels.
  5. Consumers do not go out so often and prefer staying at home.

Low-cost brands, neat organizations and companies that identified and aligned with customers needs, are currently favored.

What is the next phase

Although sales progressively decrease for many companies today, expenses remain almost unchanged and particularly marketing costs, that cannot drive development and progress.

It is therefore self-evident and absolutely clear that some things have to change, in order to overcome obstacles and initiate development parameters.

Our advice to management and company executives is «dare change, spend sparingly and make sure that you levy contributory of your spending».

Our new developed Mi (marketing intelligence) model will certainly help you!

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